German companies have welcomed the changed market sentiments in India and ‘The Make in India’ initiative of the new government to attract foreign businesses to invest and manufacture in the country.

Participating in a business summit in Frankfurt, several business leaders expressed optimism in forging ties with India in areas like electronics, pharmaceuticals and renewable energy sectors.

A large business delegation led by Tarek-al Wazir, the minister for economics, energy, transport and regional development of German state of Hessen, would lead the delegation to India later this year, said Rainer Waldschmidt, CEO of Hessen Trade and Invest GmbH (HTAI).

The panelists, representing leading German companies, reflected the collective optimism of the German industry on the changed market sentiments with respect to the Indian economy.

"Positive business sentiments were expressed by the participants at the panel discussion who were senior representatives from the electronics, pharmaceuticals and renewable energy sectors," the India’s consulate in Frankfurt said in a statement.

Indian Consul General Raveesh Kumar gave an overview of the enabling atmosphere created by the new government under Prime Minister Modi to attract investments into India at the meeting organised by Indian Consulate in Frankfurt together with the HTAI on Monday.

Make in India is an international marketing campaigning slogan coined by Prime Minister Narendra Modi in September last year, to attract businesses from around the world to make the country a manufacturing hub.